India and the bloc are discussing ways to enhance scope of this agreement.
Analysts said speculative positions created by traders led to the rise in oil prices.
The team has also developed a prototype of oil-water separation device using these membranes.
India in July 2017, allowed companies to carve out blocks of their choice with a view to bring about 2.8 million sq km of unexplored area in the country under exploration.
Malaysian exports of refined palm oil to India, the world's biggest importer of edible oils, jumped 727% in the first half of 2019 to 1.57 million tonnes.
It is rare for Opec to give a bearish forward view on the market outlook.
Soybean prices fell by Rs 7 to Rs 3,665 per quintal in futures trade on Friday.
If found that the jump in imports have impacted domestic players, the directorate would recommend safeguard duty on the palm oil.
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